Cardiff Property report Thames Valley commercial property market at a standstill

In it's interim statement today Richard Wollenberg's Cardiff Property Plc

, which despite it's name operates in the Thames Valley, reported that the commercial property market there continues to suffer from low levels of occupier demand. New lettings are being agreed and agents report a reasonable level of enquiries but actual take up of new and second hand commercial space is insufficient to suggest any recovery in demand or rental levels.

New speculative commercial property development in the Thames Valley has virtually ceased. The majority of new office buildings completed over the past 12-18 months remain vacant.

The last quarter of 2009 and first half of 2010 saw some recovery in commercial property capital values. However, as the likelihood of a sustained recovery in rental growth has diminished, any further increase in capital values is unlikely. Commercial property continues to have its investment attractions providing adequate security of income is achievable.

Residential values in Surrey and Berkshire have maintained their marginal increase since the beginning of the year. The number of enquiries and viewings remain at a reasonable level but purchasers and investors still remain cautious.

The group, including Campmoss Property, their 47.62% jointly controlled entity, continues to pursue new and revised planning permissions. In the current environment, even with planning permission, the group is unlikely to proceed with any new development unless a pre-letting has been secured. The main emphasis will be towards managing the existing portfolio and maintaining the level of gross rental income.

Cardiff Property hassufficient capital to complete the projects it is engaged in and has declared an interim dividend of 3.3p per share for the H1 ending March 31st.

Cardiff Property report Thames Valley commercial property market at a standstill

By: Charlotte Rivington

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